Question

ILLUSTRATION 55.
X, Y and Z have been sharing profits in the ratio of 2:2 : 1 respectively. Z wants
that he should be given equal share in profits with X and Y and he further wants that the
change in the profits sharing ratio should come into effect retrospectively for the last
three years. X and Y have no objection to this. The profit for last three years were,
352,000, 44,200 and 51,610.
Show the adjustment of profit for the last three years by means of a Journal entry.​

Answer 1

Explanation:

you can also make a table for computation of sacrificing or gaining ratio and then make a adjustment entry

Answer 2

Explanation:

this your answer but there is Rs 52000 not ₹352000